F&F offer after just 6 months into IVA. Will it be accepted?

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by brad » Thu Jun 15, 2017 1:33 pm
Hey guys. I entered an IVA roughly around 6 months ago on a 6 year term. The amount entered was around £23,000 and accepted full amount including fees of around 5400.

I've looked over my documents and the amount actually going to creditors is around £1800 and the remainder fees. I am considering a F&F as my personal circumstances have changed massively. I've kept them upto date this far but when I have any queries regarding anything like this I never get a straight answer from anyone.

I would like to know if it's possible to make an offer this early and also if I am to offer would I just be making an offer to the creditors? I.e. the 1800. Then fees separately with the company dealing with my IVA themselves?

Thank you!
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by Foggy » Thu Jun 15, 2017 2:54 pm
A full and final offer should be as close to the sum of your remaining payments due, i.e. number of payments remaining multiplied by the current monthly amount. It can be rounded down a little to reflect savings in admin .. but you cannot tamper with fees as these have already been agreed by the creditors. You appear to be paying around £75 a month, so a very low dividend anyway, in which case there would be little room for any real reduction. You need to be working on £5000 still left to pay. Maybe an offer of £4,500.
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Lisa Thomas
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by Lisa Thomas » Fri Jun 16, 2017 11:01 am
I agree with Foggy the figures seem off. Can you confirm your payments are £75 per month? Do you have equitable interest over £5k in any property?

Are the funds coming from third parties?
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